NEW YORK (CNN/Money) - Falling oil prices were poised to lift stocks at the start of a shortened holiday trading week Monday.

U.S. stock futures rose, pointing to a higher open on Wall Street.

Oil fell, giving up some of the sharp gains Friday. U.S. crude futures lost 38 cents to $45.90 a barrel in electronic trading, while Brent oil futures dropped 59 cents to $42.80 a barrel in London.

Major Asian markets closed higher Monday as the dollar rose against the yen, although it slipped against the euro. European markets were also higher in early trading.

Bond prices were little changed, leaving the yield on the 10-year Treasury at about 4.20 percent.

Over the weekend Treasury Secretary John Snow said the Bush administration will seek to slash government spending next year, although he did not give any details when interviewed on CNN's "Late Edition" program.

A report on leading economic indicators for November is due out at 10 a.m. Monday.

In corporate news, drugmaker Pfizer agreed over the weekend to a Food and Drug Administration demand that it suspend its use of direct-to-consumer advertising for its now controversial drug Celebrex, in the wake of a clinical trial that tied the painkiller to an increased risk of heart attack and stroke.

Wal-Mart Stores (Research), the world's largest retailer, said Saturday it still expects to see its December sales up 1 to 3 percent at stores open at least a year. The world's largest retailer saw a disappointing gain in November.

The Wall Street Journal reported that overall retail sales Saturday were down 7 percent to $6.7 billion compared with the same day last year, citing a survey by ShopperTrak.

The Journal also reported Monday that the board of mortgage financier Fannie Mae (Research) has decided that CFO Officer Timothy Howard will leave the company following a ruling last week from the Security and Exchange Commission that could lead to a $9 billion restatement of earnings.

But the paper reported the board has yet to make a decision on whether CEO Franklin Raines should step down.